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India jumps 30 spots in 1 year to No. 100 on ease of doing business

India is a easier place to do business than it was a year ago, the World Bank's Doing Business 2018 report as the country jumped thirty places in the last one year to reach 100th rank.The 15th edition of its annual study of the bank that rates 190 countries on ease of starting and running businesses placed India at 100, 30 ranks higher than last year.

India's business environment improved at a fast pace in the world in the past 12 months, though it still ranks lower than other large emerging economies like China, Russia and South Africa. Among top improvers, India implemented the maximum reforms the study said. "It has never been easier to do business in India.

India welcomes the world to explore economic opportunities our nation has to offer," Prime Minister Narendra Modi tweeted minutes after the report was released. Hailing the massive improvement by India in the ease of doing business rankings, PM Narendra Modi on Tuesday promised to take steps to further improve the rankings.

Soon after coming into office in 2014, Modi had set an ambitious target of India being among the top 50 countries in the Bank's ranking in three years.

That is doable and we will work on that with greater force," finance minister Arun Jaitley told a press conference on Tuesday, referring to the PM's target. We are seriously taking up 3 or 4 areas where we are still behind Mr Jaitley said adding that the country still ranked low in parameters such as starting a business and getting construction permit. On starting a business we are still ranked 156.

The report measures regulations affecting as many as eleven areas of the life of a business. The country initiated eight reforms across these areas last year that has pushed us to the 100 th rank he said.

The rankings will offer some respite to the Modi government which has been attacked by political rivals, led by the Congress party, for making it difficult for small businesses to stay afloat after demonetisation and introduction of GST.

The World Bank study showed India had made significant gains on eight of the 10 parameters that underlie a country's rank. Paying taxes and resolving insolvency were areas where the maximum progress was made.

The focus is on rolling out the red carpet for entrepreneurs. The ranking shows reforms are contributing to India closing the gap with the world's best on almost all indicators. We are committed to maintain the momentum to ensure that India makes it to the top 50 in the next two-three years," said NITI Aayog CEO Amitabh Kant.

Small countries in the world have cornered the first five places in terms of ease of doing business. New Zealand oc cupies the first place followed by Singapore, Denmark, South Korea and Hong Kong.

Brunei, Thailand, Malawi, Kosovo and India are among the countries that have initiated steps to improve ease of doing business in the last one year.        

The world bank has been surveying the business in Mumbai in deciding the rank of India till last year. The present government at the centre persuaded the bank include Delhi also in the survey from this year onwards.

The department of Industrial policy and Promotion is the nodal organisation implementing the reforms to assist the business community in the country.

Reforms were pushed at the Municipal level, local unitities in Mumbai and Delhi. Getting various approvals from local bodies were not easy. To get over this problem an online system of deemed approvals if the civic agency did not respond has eased the process.

The National Monuments Authority was asked to colour coding of areas where approval of civic agencies was needed. This made it easier to get clearances  with in  a specified period.

The central government also asked Customs and Corporate Affairs Ministry to cut down the time needed for clearance. These are days when the customs department is chasing the trade for speedy transporation of goods. Single window system is operational in all the sea and airports which has curtailed the dwell time of the cargo.
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